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San Diegans’ stocks and home values are down 40 percent or more
It's a little known fact, but noted economist Arthur Laffer first conceived of the Laffer Curve while dining at Hooter's. He sketched out the curve on the back of a Hooter's napkin. The napkin is currently on display at the Reagan Library.— April 15, 2009 9:07 p.m.
Charlotte Russe Is One Bright Spot among Nation's Ailing Retailers
Don appeared several times on radio with Roger Hedgecrock. It must have been difficult for both of them, since Don wrote extensively of Hedgecrock's involvement with J. David Dominelli. Hedgecrock recently fired his producer, Jimmy Valentine, after he dumped the local format and took the show national. Maybe Don should contact Jimmy and try get the scoop on Hedgecrock.— April 10, 2009 10:57 p.m.
City's Pension Fund Returns Compare Poorly with Those of Peers
I believe that Mayor Sanders will retire from politics at the end of his term and not seek another office. His current actions in office (favors for developers, etc.) are designed to insure there will be plenty of cash to bankroll his wife Rana's political aspirations. She may try to knock off Filner, or try for a seat on the City Council. Filner does not appear to have a very strong hold on his seat in Congress.— April 9, 2009 10:33 p.m.
Citigroup Employees in Company's Stock Plan Sue in District Court
I still maintain that the government chose to bail out Wall Street firms directly instead of forcing the firms to file bankruptcy because of pressure from top executives. These executives stood to lose perhaps hundreds of billions in deferred compensation under a bankruptcy scenario. The global economy would be better off had these firms been forced to file bankruptcy. In a bankruptcy scenario the government would provide “debtor in possession” financing to enable the firms to continue to operate as they do now. Creditors would file proofs of claim with the Bankruptcy Court that would be open to public inspection and debate. The government would provide financing to repay only those claimants whose existence is vital to the economy. The rest of the claims would be flushed down the toilet and creditors would receive nothing. In the event a claimant had multiple claims against financial firms, the government would limit the overall amount any one individual or group could receive. This crisis will go on year after year and trillions more will be wasted unless these firms are forced into bankruptcy. Time will prove my analysis is correct.— March 31, 2009 8:33 p.m.
Citigroup Employees in Company's Stock Plan Sue in District Court
But let's not forget that many of them are clueless, with no idea that their big, rich employer was taking them and a huge group of other stakeholders right to "the cleaners." ========= San Diegan Ernest Rady sold his company to Wachovia in exchange for Wachovia stock and a seat on the Wachovia Board. According to SEC filings, he did not sell his Wachovia shares. Even though Rady was on the Board, he rode his Wachovia shares right into the ground with losses approaching $2 billion. Even though he was on the Board he apparently had no idea how bad off Wachovia was.— March 29, 2009 10:35 p.m.
Citigroup Employees in Company's Stock Plan Sue in District Court
Brecher's example explains why Wall Street managers put the squeeze on the government to prevent the major players from falling into Chapter 11 Bankruptcy. In order for deferred compensation plans like Brechers to qualify for tax deferred status, federal laws require that assets in such plans remain completely at the risk of the business. Assets in such plans must remain on the employer's balance sheet and be subject to creditors claims in the event of bankruptcy. Most business executives contribute most of their earnings to these deferral plans and thus avoid paying income taxes until the money is pulled out or the stock is sold, usually at retirement. If Citi and the other major players filed Chapter 11, the money and shares executives have stashed in these plans would simply evaporate, wiping them out. This is the impetus behind the government bailouts.— March 29, 2009 10:24 p.m.
High-Dollar Doctor
Maybe UCSD should confine the medical school curriculum to nuts and bolts medicine only, and leave the esoteric research to medical schools like USC and Stanford that can afford to pay million dollar salaries with private donations. As a taxpayer I could care less about Mobley's qualifications or his ability to boost UCSD's academic standing. If Mobley does not come to UCSD the body of scientific knowledge will not suffer. He will not quit medicine in a fit of pique and obtain employment at McDonald's flipping burgers. He will continue his research at another institution and California taxpayers will not be held hostage to his obscene and bloated salary demands. If Mobley receives his million dollar lucre, other members of the faculty will feel cheated and demand more money. There will be no end to it.— March 29, 2009 8:54 p.m.
Does new convention center in San Diego make any sense?
Once tony neighborhoods becoming known as places where violent crime occurs everyday, and the visitor much go armed. It need not be this way, but as long as our city leaders insist on doing what benefits them and their benefactors nothing is going to change. ================= I agree with this scenario. I believe that downtown condos will eventually become drug infested slums, as will condos in the UTC area. Rancho Santa Fe will likely become a walled enclave patrolled by machine-gun toting private security guards. I expect Mission Hills to be pillaged and sacked by rioters from City Heights when government collapses and welfare benefits are cut-off. I expect this to happen within the next two years. Today I read that T Bills are becoming impossible to sell. When the federal government's ability to borrow ends in a year or two, I anticipate a massive government breakdown and widespread rioting and crime. When the Border Patrol collapses due to lack of funding, hundreds of thousands of Mexicans will simply walk into California, and refuse to leave.— March 25, 2009 8:47 p.m.
Two Nobel Economists Denounce Geithner Plan for Lining Wall Street Pockets
The government should limit the AIG bailout to only the amount of money needed to make good on retirement annuities, fund whole life insurance payouts, and reimburse pension fund losses. AIG should be shuttered without delay and hedge funds and other large investors should receive nothing. The $1 trillion should be used to fund federally insured loans directly through solvent banks and credit unions. If failing businesses are critical to the economy, the FED should make the loans directly. Geithner's Wall Street masters should accept the fact that Bank of America, CITI, and other similar banks are gone and no amount of money will make them viable again. Geithner has become a stooge for the big money interests on Wall Street, and his policies are destroying what's left of the government and the economy.— March 24, 2009 7:48 p.m.
Councilmember Frye Says City Budget Deficit Actually Much Higher; Also Derides Bond Issuance
The actual budget deficit this year will turn out to be between $125 and $150 million. Almost 25% of city workers will lose their jobs by 12/31/2009. Those that remain on the city payroll will see their pay slashed by 20% or more. The $60 million deficit is based on the City's desperate hope that it receives at least $100 million from Congress. In a month or so the Governor will hold a press conference and announce there was a dramatic drop in tax receipts from the 2008 tax season, and call for draconian budget cuts to close the gap. The City will not receive much help from Congress, maybe $30 million at most to pay police and firefighters, and the City's spending will be slashed to the bone.— March 20, 2009 3:18 p.m.